| With the deepening of financial industry reform and development,financial stability has attracted more and more attention.From the perspective of the national financial structure as a whole,banks play an absolutely important role in the whole financial system in terms of size and participation.However,with the development and improvement of the financial market system in recent years,their role in social and economic development has become increasingly prominent,and at the same time,it has also caused China's financial structure.The tremendous changes can be seen from the decreasing trend of bank credit in social financing year by year.This paper mainly discusses regional financial stability from the perspective of regional financial structure.Regional financial structure generally refers to the structure of a regional financial institution system.But this point is not narrow.This term can refer to the structure of the financial institutions system,but it may also include more abundant content.Different from referring to the structure of financial institutions in a region,the term "regional financial structure" in this paper mainly refers to three aspects:the balance between regional finance and regional economy,the structure of financial innovation in the financial system,and the inter-regional influence of regional financial structure(i.e.spillover effect).And so on.In this paper,the "financial stability" is the use of the financial stability index widely used by the World Bank and the Federal Reserve,and fully combined with the actual situation of China to optimize.The purpose of this paper is to discuss the impact of regional financial structure on regional stability.From the point of view of the relevant research on financial stability,the existing theoretical research is mainly carried out at the national level,aiming at the market situation of developed countries,mainly because the relevant research originates from the investigation of the mechanism of the financial crisis.Western scholars in the study of financial stability,mostly by examining the conditions of financial crisis,from the perspective of financial instability,through negative judgment listed the conditions of financial stability.In recent years,financial stability has attracted more and more attention in China's academic circles.Many scholars have carried out quantitative measurement and empirical research on financial stability,but they still mainly focus on the whole country.This article focuses on the same economy,under the premise of relatively fixed macro-monetary and fiscal policies,aiming at the actual situation of different regional economic and financial development degree,intends to analyze the difference of financial stability degree formed therefrom,and then summarizes the connotation and influencing factors of regional financial stability,so as to further expand it.The research object of financial stability should be perfected,and the analytical framework and scope of application of relevant theories of financial stability should be improved.In this paper,the "financial stability" is based on the financial stability index widely used by the World Bank and the Federal Reserve,which is fully optimized in accordance with China's actual situation.The purpose of this paper is to discuss the impact of regional financial structure on regional stability.The main research of this paper is divided into 7 parts:The first is the introduction,which mainly introduces the background and significance of this paper,reviews the related literature,summarizes the main research contents and research methods,and introduces the main innovations and shortcomings of the paper.The first chapter mainly analyzes the definition of regional financial stability and the influencing factors.On the premise of combing the relevant theories,the paper puts forward the definition of regional financial stability,and discusses its influencing factors and related research based on this.This chapter is divided into three parts:the first part puts forward the definition of regional financial stability first;the second part analyzes the internal factors of regional financial stability;the third part analyzes the external factors of regional financial stability.The second chapter firstly reviews the existing financial stability measurement method,and based on related studies,put forward the financial stability and adapt to the research content and China condition evaluation method of index system and measure,and in order to calculate the financial stability of the country and area measure range,according to the results of financial stability theory the scope of the national and regional policy and put forward the corresponding opinions and suggestions.The third chapter is the empirical analysis for the structure of the regional financial system change on the regional financial stability of the financial system,the function of resource allocation based on the impact on the regional economy,put forward to fit the regional financial structure and regional industrial structure,and study the effect of regional financial stability.On this basis,this chapter puts forward the relationship between regional financial structure and regional economic system changes the industrial structure fit and regional financial stability,were also analyzed in different regional economic and industrial structure,fit the influence of financial stability by the financial system and economic structure change of industrial structure change.The fourth chapter mainly analyzes the influence of the structure of regional financial system change,regional financial innovation on regional financial stability,especially based on the resource allocation function of the financial system under the perspective of regional financial stability is affected by the structure of regional financial system changes and regional financial innovation,analyzes the financial innovation under the background of regional financial structure and regional industrial structure fit the impact on regional financial stability.The fifth chapter adopts the current spatial econometrics model at home and abroad,considering the spatial correlation of sample area variables,so as to analyze the influence of spatial spillover effect of financial system structure change on financial stability.Through analyzing the spatial effects of the structural change of China's financial system,we find that the spillover effect of financial system structure has a significant impact on financial stability.The last part is the conclusion.Firstly,previous theories about regional financial structure and regional financial stability and the empirical results are summarized,and then put forward China improve the structure of regional financial system in order to maintain regional financial stability policy recommendations,finally,aiming at some shortcomings of this paper further points out the direction of future research.Through the above research,the main conclusions are as follows:From the perspective of 2010-2016 years' financial stability,the financial crisis in 2008 has made a great impact on China's financial stability.Through a series of government measures,China's financial stability will remain healthy and stable after that.From 2016 the comprehensive score of the regional financial stability index,in the east to maintain its leading position at the same time,the financial stability in other regions also maintained good momentum of development,among them,the central and western regions of the foreign trade to maintain rapid growth,financial institutions(banks)of the scale of accounting for the proportion of increased investment in fixed assets;Northeast China the growth momentum is fierce,the western and northeastern parts of the scale of bond financing is also further improved.Judging from the specific circumstances of different regions,China's regional financial stability has developed well,and the coordination among different regions has been improved.Meanwhile,small area risks need to be noticed.Through the sample data of 2011-2016 years,and based on the analysis of influence of regional financial structure change on regional financial stability from the perspective of resource allocation function of the financial system,the results show that the structure of regional financial system changes and changes in the industrial structure of regional economy fit is higher,the regional financial stability is high;for the third industrial areas of high GDP in terms of the structure of the financial system change and economic changes in the industrial structure fit for financial stability should be significantly higher than the third industry GDP low area;at the same time,the regional financial stability is also affected by the fit structure of regional financial system changes and regional industrial structure changes of the hysteresis effect,namely the role of regional financial structure system changes the industrial structure and fit the degree of influence on financial stability continues for a long time.In the 2011-2016 years of the sample data the results of the study show that the regional financial stability under the positive impact of regional financial innovation degree,the higher level of regional financial innovation and regional financial stability is high,it is also found that the regional financial stability not only have positive impact in regional financial innovation degree,while the positive effect of the year before the regional financial innovation degree also by.The study also found that the structure conforms with our regional financial system change and the industrial structure change degree is higher,the degree of regional financial innovation impact on regional financial stability is more intense,more fit for the region structure of regional financial system change and the industrial structure change degree,its financial stability not only have positive impact in regional financial innovation at the same time,the positive effect of the previous year is also affected by the degree of regional financial innovation.By establishing spatial econometrics model,we analyze the spatial correlation of interrelated financial variables in China's provinces,so as to study the effect of spatial spillover effect of financial system structure on financial stability.The results of the study show that the development of China's banking industry still has a strong spatial dependence,from various regions,the structure of provincial financial system changes more obvious spillover effects in China,analysis the structure of the financial system change has spillover effect has a significant impact on the financial stability through the spatial effect on the structure of China's financial system changes the.From the banking,securities and insurance,the three aspects of the spatial effect of structure of China's financial system changes mainly in the banking industry,and financial resource allocation function of the securities industry and the insurance industry in the space of effect is not obvious,in the long run,this is not conducive to China's financial system steady state.The innovation of this paper is mainly reflected in:first,starting from the resource allocation mechanism of different financial system structure,we try to discuss the relationship between financial system structure change and financial stability from the perspective of regional economic industrial structure fit.Based on the theory of "comparative financial system",this paper discusses the degree of coincidence between resource allocation mechanism and industrial structure of market led and bank led structure respectively,so as to reveal the influence and transmission mechanism of financial system structure change on financial stability.The construction of this theoretical analysis framework provides a valuable idea for future research.Second,this paper will combine the national conditions of our country,construct the index of regional financial stability from two aspects of index system and synthesis method to objectively measure the regional financial stability,to a certain extent overcome the impact of the previous research index system is not perfect or synthesis method is not objective,objectivity,enhance the pertinence and accuracy of measurement.Third,to conduct an empirical study on financial stability by using provincial data,and industry concentration into the relevant empirical research,more objective analysis of relationship between financial structure and financial stability,while using a spatial econometric model considering spatial correlation of variables related to financial problems in China provinces,effect of spatial spillover effect analysis of the changes of system the structure of financial impact on financial stability.There are the disadvantages of this paper.Firstly,this paper considers the regional economic and financial data collection difficult in the selection of the regional financial structure and regional financial stability index,mainly is selected by the National Bureau of statistics and the people's Bank of Chinese directly or indirectly published data,this may cause the index selection is not reasonable.Fit,which makes it difficult to accurately measure the regional financial stability and regional financial system and regional industry.With the growth of regional economy and the development of regional finance,the data describing the quality of regional economy and financial development will be more comprehensive and deeper.Second,this paper uses principal component analysis to measure the regional financial stability,the principal component analysis of the advantages is that it can produce the principal component is not relative to the original index after treatment,so as to avoid the influence of the correlation between indicators,while the principal component of the representative in the original index more case analysis.However,principal component analysis also has its shortcomings,for example,the clarity of its principal components is not as clear as the original index.In some cases,principal components may not have strong practical significance.Therefore,more reasonable methods can be used to measure regional financial stability.At the same time,the empirical methods for the relationship between regional financial system structure and regional financial stability need to be further strengthened. |
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